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Ni-Based Stainless Prices Set To Recover In East Asia
Transaction prices of nickel-based stainless CR sheets look set to recover with a pronounced rebound in East Asia, where Japan's stainless steel producers find themselves in rising inquiries from southern China, Taiwan, and Hong Kong since mid-January. There are expectations for an advance in transaction prices in February as inquired quantities increase further.

At present, the Japanese steelmakers enjoy a recovery of negotiated exports to 50% of the normal level for Ni-based CR sheets. They incurred a reduction of 70-80% in negotiated exports in the October-December quarter of last year.

The Japanese export prices settled so far are described as a flat level of US$2,100/ton FOB despite increased inquiries. Those export prices compare with offer prices of exports by stainless steel mills in South Korea and Taiwan in the latter half of last year.

A surge in the inquiries since mid-January is thought to have followed stainless steel users' moves for new purchases of Ni-based stainless CR sheets in the judgement that prices of Ni-based stainless CR sheets have hit bottom at US$2,100/ton FOB, given an upswing in the world's nickel prices. In fact, LME nickel prices hit a level of US$5.00/lb Jan 21, and they look set to trend upward.
last modified : Wed 04 Feb, 2009 [11:00]
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